Home » Business News » 2012 » August » August 29, 2012

Direct Tax Code likely to get delayed

Palaniappan Chidambaram

August 29, 2012 - New Delhi

The implementation of the Direct Tax Code (DTC) is likely to get delayed as Finance Minister P Chidambaram said Tuesday that it needs a fresh look. The UPA II government is initially planning to implement DTC by April 1, 2013. However, the circumstances after the 2012-13 budget meant that the DTC is likely to get further delayed.

"DTC has gone through various versions. I need time to look at it. I am only 28 days old (in the finance ministry)... It requires a fresh look", said Chidambaram at a news conference on Tuesday after his meeting with top officials of Central Board of Excise and Customs (CBEC).

It was during Chidambaram's stint as the finance minister that the DTC was initially drafted. The idea of DTC is to replace the Income Tax Act, 1961. Several changes were made since the first draft and the provisions were diluted. Pranab Mukherjee in 2010 has included a number of new provisions following the changes suggested by the Parliament Committee on Finance.

Andhra News

Comment on this story